Q2 2026 International General Insurance Holdings Ltd Earnings Call Transcript
Key Points
- International General Insurance Holdings Ltd (IGIC) delivered a robust 92.2% combined ratio for H1 2026 despite recording its largest net loss event in history, demonstrating strong underlying business resilience.
- The company generated solid net income of $42.5 million and a 12.3% return on average equity for the first half of 2026, showcasing its ability to maintain profitability under adverse conditions.
- International General Insurance Holdings Ltd (IGIC) successfully returned over $72 million to shareholders in H1 2026 through dividends and share repurchases, reflecting strong capital management.
- The company capitalized on the Middle East pricing correction by growing its PV book by 45% with significantly improved pricing and terms, positioning for future profitability.
- International General Insurance Holdings Ltd (IGIC) secured registration approval to open a branch office in Gift City, India, expanding its global footprint and diversifying its portfolio with new business opportunities.
- The long-tail segment showed strong improvement, with underwriting income increasing to just under $23 million in H1 2026 from a loss of $10 million in the prior year period.
- International General Insurance Holdings Ltd (IGIC) experienced its largest net loss event in its 25-year history due to Middle East war-related losses, totaling roughly $39 million in H1 2026.
- The company faces a challenging and softening market environment, with pricing declining rapidly in many lines, particularly in its energy and property books where competition has become 'quite irrational'.
- International General Insurance Holdings Ltd (IGIC) recorded a modest $1.7 million reserve strengthening in Q2 2026 for its long-tail portfolio, reflecting a more cautious view of early years of this business.
- The company's combined ratio for H1 2026 was impacted by 19 points of CAT losses and an additional 4.5 points from indirect war losses, pressuring overall underwriting profitability.
- International General Insurance Holdings Ltd (IGIC) noted that some infrastructure projects in the Middle East are being delayed or cancelled due to war and general uncertainty, potentially limiting growth in that region.
- The reinsurance segment faces increasingly competitive conditions, with GWP and net earned premiums down for the first half due to non-renewals and market pressures.
Good day and welcome to the International General Insurance Holdings Limited Second Quarter 2026 Financial Results Conference Call. All participants are in the listen mode only.
( Operators Instructions )
Please note that this event is being recorded.
I would now like to turn the call over to Robin Cedars, head of corporate relations. Please go ahead.
Thanks, Liza, and good morning. Welcome to today's conference call. Today, we'll be discussing financial results for the second quarter and first half of 2026. You will have seen the press release we issued after the market close yesterday, and if you'd like a copy of it, it's on our website at www.iginsure.com.
We've also posted a supplementary investor presentation, which can be found on our website in the investor section on the main landing page.
On today's call are Executive Chairman of IGI, Wasif Jabshay,
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